Savings at `record high`

2 July 2009

According to National Savings & Investments (NS&I), Britons are saving more money than they have done at any time in the past five years.

In its spring Quarterly Savings Survey, NS&I found that on average, people are saving £92.41 a month, an increase from the £90.12 recorded in winter 2008/09. Nearly half of the population (47%) are saving each month, with regular savers putting away more substantial amounts - an average of around £209.23 per month.

Despite the promising signs, 32% of savers (around 15 million people) said they didn`t think they had enough savings to cope in an emergency.

Dax Harkins, senior savings strategist at NS&I, said: "Many of us are cutting back on unnecessary spending and instead are putting a priority on saving, as saving for an emergency continues to be the number one reason for putting money aside."

A debt expert for Think Money said: "Savings can be a great help for many people, particularly at a time when incomes may be under threat, meaning the risk of debt is higher. Putting money in savings today can help protect people against debt tomorrow."

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Tags: savings, debt, National Savings and Investments

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